Madison Square Garden Entertainment (NYSE:MSGE) Reaches New 1-Year High Following Strong Earnings

Key Points

• Madison Square Garden Entertainment beat quarterly expectations: adjusted earnings were a loss of $0.21 per share versus the $0.44 loss analysts expected, while revenue rose 27.4% year over year to $196.32 million.
• Shares reached a new 52-week high of $85.89 following the results, above the analyst consensus target of $79.83; the overall Wall Street rating remains Hold.
• Institutional investors own 96.86% of MSGE, while company insiders own 16.41%; an executive recently sold 9,907 shares, reducing his position by 38.58%.

Madison Square Garden Entertainment Corp. (NYSE:MSGE - Get Free Report) shares hit a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $85.89 and last traded at $84.3050, with a volume of 51509 shares. The stock had previously closed at $79.37.

The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.23. Madison Square Garden Entertainment had a return on equity of 4,795.27% and a net margin of 4.81%.The business had revenue of $196.32 million for the quarter, compared to analyst estimates of $166.62 million. During the same period last year, the firm posted ($0.57) earnings per share. Madison Square Garden Entertainment's revenue was up 27.4% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Madison Square Garden Entertainment in a report on Friday, July 31st. Susquehanna raised their target price on shares of Madison Square Garden Entertainment from $77.00 to $80.00 and gave the company a "positive" rating in a research report on Thursday, May 28th. The Goldman Sachs Group reiterated a "neutral" rating and set a $82.00 price target (up from $72.00) on shares of Madison Square Garden Entertainment in a report on Thursday, July 9th. Seaport Research Partners reiterated a "neutral" rating on shares of Madison Square Garden Entertainment in a research note on Monday, June 29th. Finally, Morgan Stanley raised their price objective on Madison Square Garden Entertainment from $70.00 to $80.00 and gave the company an "equal weight" rating in a report on Tuesday, June 23rd. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $79.83.

Insider Buying and Selling at Madison Square Garden Entertainment

In other news, EVP Philip Gerard D'ambrosio sold 9,907 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $74.48, for a total value of $737,873.36. Following the transaction, the executive vice president directly owned 15,772 shares of the company's stock, valued at $1,174,698.56. The trade was a 38.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 16.41% of the stock is currently owned by company insiders.

Institutional Trading of Madison Square Garden Entertainment

Several large investors have recently made changes to their positions in the company. Jericho Capital Asset Management L.P. raised its position in Madison Square Garden Entertainment by 26.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,662,724 shares of the company's stock valued at $197,384,000 after buying an additional 777,000 shares during the last quarter. Millennium Management LLC boosted its holdings in Madison Square Garden Entertainment by 2,037.6% during the 3rd quarter. Millennium Management LLC now owns 589,096 shares of the company's stock worth $26,651,000 after acquiring an additional 561,537 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Madison Square Garden Entertainment by 324.8% in the 2nd quarter. Bank of America Corp DE now owns 667,248 shares of the company's stock worth $26,670,000 after acquiring an additional 510,191 shares in the last quarter. Nuveen LLC raised its holdings in shares of Madison Square Garden Entertainment by 86.4% in the fourth quarter. Nuveen LLC now owns 724,467 shares of the company's stock valued at $39,042,000 after purchasing an additional 335,890 shares during the last quarter. Finally, Lord Abbett & CO. LLC purchased a new stake in shares of Madison Square Garden Entertainment in the fourth quarter valued at about $13,473,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Entertainment Price Performance

The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 11.40. The business's 50-day moving average is $75.90 and its two-hundred day moving average is $67.06. The company has a market capitalization of $3.44 billion, a P/E ratio of 83.38 and a beta of 0.56.

Madison Square Garden Entertainment Company Profile

Madison Square Garden Entertainment Corp. NYSE: MSGE is a premier live entertainment company focused on producing and hosting a wide range of events across North America. Established as a separate publicly traded entity in April 2020 through a spin-off from Madison Square Garden Company, MSGE owns and operates iconic venues such as Madison Square Garden in New York City, Radio City Music Hall, The Chicago Theatre and Sphere in Las Vegas. These facilities serve as flagship stages for concerts, sports events, family shows and cultural performances.

The company's core business activities center on venue management, event promotion and production services.

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